Valmet's Half Year Financial Review January-June 2026 Net sales and Comparable EBITA increased in the second quarter

Valmet's Half Year Financial Review January-June 2026 Net sales and Comparable EBITA increased in the second quarter.

April–June 2026 Orders received decreased 10 percent to EUR 1,373 million (EUR 1,520 million). Organically orders received decreased 9 percent. The decrease was mainly driven by capital project order intake in the Biomaterial Solutions and Services segment, which decreased from the comparison period but increased sequentially. Net sales increased 6 percent to EUR 1,315 million (EUR 1,241 million). Comparable EBITA increased 6 percent to EUR 152 million (EUR 143 million). The increase was supported by higher net sales and cost savings from the operating model renewal. Comparable EBITA margin remained at the previous year's level at 11.5 percent (11.5%). Earnings per share (EPS) increased to EUR 0.40 (EUR 0.15) and adjusted EPS increased to EUR 0.47 (EUR 0.23). The increase in both EPS and adjusted EPS mainly reflects the restructuring expenses related to the operating model renewal in the comparison period.

January–June 2026 Orders received decreased 14 percent to EUR 2,466 million (EUR 2,852 million). Organically orders received decreased 12 percent. Net sales increased 6 percent to EUR 2,560 million (EUR 2,426 million). Comparable EBITA remained at the previous year's level and was EUR 266 million (EUR 265 million). Comparable EBITA margin was 10.4 percent (10.9%). EPS was EUR 0.59 (EUR 0.48). Adjusted EPS was EUR 0.73 (EUR 0.64). Cash flow provided by operating activities totaled EUR 100 million (EUR 297 million).

Figures in brackets, unless otherwise stated, refer to the comparison period, i.e., the same period of the previous year.

Key figures 1 EUR million, or as indicated Q2/2026 Q2/2025 Change Q1-Q2/2026 Q1-Q2/2025 Change Orders received 1,373 1,520 -10 % 2,466 2,852 -14 % Order backlog 2 4,259 4,711 -10 % Net sales 1,315 1,241 6 % 2,560 2,426 6 % Comparable EBITA 152 143 6 % 266 265 0 % % of net sales 11.5 % 11.5 % 0.0 pp 10.4 % 10.9 % -0.5 pp EBITA 150 81 86 % 232 194 19 % Profit for the period 75 28 >100% 109 89 22 % Earnings per share, EUR 0.40 0.15 >100% 0.59 0.48 22 % Adjusted earnings per share, EUR 0.47 0.23 >100% 0.73 0.64 15 % Cash flow provided by operating activities 65 79 -18 % 100 297 -66 % Free cash flow 50 46 8 % 68 240 -72 % Comparable ROCE (LTM) 3 13.5 % 13.1 % 0.4 pp ROCE (LTM) 3 12.3 % 10.4 % 1.9 pp Net debt to EBITDA ratio (LTM) 1.42 1.60 -11 % Gearing 2 39 % 42 % -3 pp

1 The calculation of key figures is presented on section 'Formulas for calculation of indicators'. 2 At end of period. 3 Return on capital employed before taxes. 4 Last twelve months' EBITDA. LTM = Last twelve months.

Guidance for 2026 unchanged Valmet reiterates its guidance issued on February 6, 2026, in which Valmet estimates that net sales in 2026 will remain at the previous year's level in comparison with 2025 (EUR 5,197 million) and Comparable EBITA in 2026 will remain at the previous year's level or increase in comparison with 2025 (EUR 620 million).

Short-term market outlook (July–December 2026) Valmet's short-term market outlook covers the period July–December 2026, compared with April–June 2026. It reflects Valmet's estimate of the expected growth rate of its key markets, based on ongoing discussions with customers and other market information. The outlook describes underlying market trends, excluding the normal seasonal variation in Valmet's business. It should not be interpreted as guidance for Valmet's own orders received.

Process Performance Solutions Valmet estimates that the market for Process Performance Solutions is expected to remain at low year-over-year growth. At the same time, uncertainty related to the geopolitical situation and global economic outlook remains high, which reduces short-term market visibility. Biomaterial Solutions and Services Valmet estimates that the market in Biomaterial Solutions and Services will remain similar to the second quarter. However, it is typical that the timing ...